Oil prices remained stable as Iraq continued monitoring global developments. While geopolitical risks increased, unexpected U.S. stock builds affected investor sentiment. Iraq oil prices reacted cautiously to the latest updates on U.S. inventory data and Middle East tensions.
Brent crude edged up slightly, closing near $64.95 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude gained a modest 10 cents, finishing at $61.67. Despite earlier declines, Iraq oil prices avoided significant losses as traders balanced supply and demand factors.
According to energy analysts, crude inventories in the U.S. rose by 1.3 million barrels. That increase surprised markets, especially since experts expected a drawdown instead. The Energy Information Administration reported that U.S. crude stockpiles hit 443.2 million barrels.
Iraq oil prices held firm, even as U.S. gasoline and distillate demand dropped. Crude imports reached a six-week high, weakening demand signals. This dynamic put downward pressure on WTI, as U.S. fuel consumption slowed.
Energy strategist Emril Jamil noted that high inventory levels could push U.S. exporters toward Asia and Europe. That shift might affect Iraq’s competitive position in global markets. Still, market participants expected the upcoming summer driving season to reduce U.S. stocks and support prices.
Meanwhile, tensions around Iran continued to influence Iraq oil prices. Reports suggested the U.S. and Iran planned another round of nuclear talks. Analysts believed those discussions could either ease or worsen supply concerns.
Adding to the complexity, Israel might consider military action against Iranian nuclear sites. Though no final decision has emerged, this speculation raised fears of a broader conflict. Such an escalation would likely disrupt regional oil flows and increase price volatility.
Additionally, Ukraine asked the European Union to impose tougher sanctions on Russia. These proposed actions included seizing Russian assets and penalizing buyers of Russian oil. The move could trigger new shifts in global oil trade patterns.
Iraq oil prices stayed balanced during this uncertain period. However, future price movements will depend on inventory trends, geopolitical risks, and seasonal demand changes.